(Bloomberg) -- Tesla Inc. is updating its charging network to halve typical wait times as the Model 3 fleet grows and challengers such as Porsche ready their own infrastructure.
By doubling power at Tesla’s stations and preheating vehicle batteries ahead of arriving at a plug, charging times will drop to around 15 minutes, the electric-car leader said on its blog. The V3 Supercharging network, which will roll out through the end of the year, will allow twice as many cars each day to charge.
The first V3 Supercharger site that’s not a test version breaks ground next month. After debuting in North America, the technology will reach Europe and the Asia-Pacific region in the fourth quarter, the company said. Tesla shares climbed as much as 3.1 percent to $284.70 Thursday in New York, rebounding somewhat from a four-day decline.
Tesla says its network will deliver 250 kilowatts, up from 120 kw, as more fast-charging infrastructure is built. The company is looking to ward off a wave of competition from incumbent carmakers readying their own electric vehicles and putting charging infrastructure in place to support them. Ionity GmbH, a consortium of Volkswagen AG, Mercedes Benz-maker Daimler AG, Ford Motor Co. and BMW AG, will have 400 station across Europe’s major highways with 350 kw capacity by the middle of next year.
A Volkswagen affiliate is helming a similar effort in the U.S. VW-owned brand Porsche, which is starting sales of its electric Taycan later this year, is also adding 350 kw chargers to its dealerships in the U.S. and Europe ahead of a broader electric roll-out.
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